Due to the sudden outbreak of COVID-19 along with the economic melt-down, extended nationwide lockdown and halting non-essential businesses, many industries are suffering at all levels and their pain is now translating into a layoff, salary reduction or dismissing employees.
According to the recent online survey conducted by MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, among the surveyed organizations, 73 per cent said they have plans to decrease the salary of employees, 57 per cent said this layoff is temporary, while 21 per cent said they are doing permanent layoffs for at least 2 years.
Amongst this chaotic storm, data proves to the only oil to light up the organization’s hope. The value of the oil may fluctuate, but not that of the data. As healthcare is benefiting immensely by the use of data and Artificial Intelligence (AI) powered data analytics, they are widely accepted amongst many other industry sectors too. Hence being a data scientist or a bigdata analyst will have wider scope in the future.
Why Bigdata?
With the rise of the internet facilitating an interconnected network of online sources and enterprises across various geographies, a huge amount of data are generated every single day. This huge amount of raw data is called big data and organizations want a stronghold that can handle and analyze these bigdata to derive meaningful insights from them. These insights can help organizations to develop frameworks to respond to clients, customers and their demands, which is crucial for developing future business models post COVID-19 era.
Organizations have understood that only data-driven decisions can help them achieve greater efficiencies and gain an edge over their competitors. And another aspect of big data is, it is cumbersome to store and handle manually, so here comes the importance of adopting emerging technologies like AI, cloud, Machine Learning (ML) and deep learning (DL) to facilitate their data-driven decision. For example, Amazon, Google and Facebook have huge amounts of data collected during each search, online post or from an online purchase. This is where high-end technologies are used to translate these bigdata available into actionable insights.
Understanding that analyzing and processing these data can yield better outcomes, many MSMEs, especially in India, are investing on these data capabilities and according to a McKinsey report, this is said to double every three years.
Thus, this has created a demand for data analytical skills across industries, and companies are willing to onboard data experts and related talents into their organizations. So it is the right choice to choose a big data career.
